Of course I agree with you that, other things being equal, the higher price, the less the sales. Similarly, the higher the wage, the likelihood that fewer people will be hired.

There is, as you note, one hitch. That hitch is people.

This is true of prices for goods. I checked with my students about prices of toothpaste. They have no idea whether any tube is better than another tube. But they do know that the box is bright red and it promises “brighter teeth.” So they buy it.

On the other hand, the problem of wages is people.

They need to eat. They have dignity.

So, yes, absent people, the libertarian economy might be the way to go. E

Dear E:

You wouldn’t tell a chemist that, would you? That his chemical theories are all well and good, regarding chemicals, animals, vegetables, rocks, but not people, would you (poisons work on animals, not people)? Why pick on economics. We’re a science too. You wouldn’t tell a biologist that, would you? That his chemical theories are all well and good, regarding animals, but not people? You wouldn’t tell a physicist that, would you? That his physical theories are all well and good, regarding magnets, space, etc., but not people? That gravity won’t pull people down to earth, in addition to pulling down other non human objects?

Yes, some people are fooled by the red color of toothpaste wrapping, but I fail to see the relevance of that. Who would you rather hire to wash your car, do your laundry, repair your bicycle, A or B? Each is equally capable, equally productive, but A charges $50 per hour and B charges $5 per hour. QED. You might as well say theology applies to God, but not to people. If the minimum wage law puts people in jail for paying less than $5 per hour, then, all those with productivity less than that will be consigned to unemployment. . If the minimum wage law puts people in jail for paying less than $10 per hour, then, all those with productivity less than that will be consigned to unemployment. If the minimum wage law puts people in jail for paying less than $15 per hour (the level favored by Bernie and other economic illiterates), then, all those with productivity less than that will be consigned to unemployment. Why do you want to consign ANYONE to unemployment?

I don’t understand you. You say: “the higher the wage, the likelihood that fewer people will be hired.” But only PEOPLE get wages. You admit fewer people will be hired the higher the law compels employers to pay. Why are you against people, that is PEOPLE, working for an honest living?